Indian fintech startup Razorpay enters unicorn club
Bengaluru-based fintech startup Razorpay has become the latest entrant into the much-coveted unicorn club after raising USD 100 million in Series D round valuing it a little north of USD 1 billion. The funding round was co-led by GIC, Singapore’s sovereign wealth fund, and Sequoia India, along with participation from Ribbit Capital, Tiger Global, Y Combinator, and Matrix Partners.
The company plans to use the funding to invest in new initiatives to empower small and medium enterprises and increase its team size by 500 by FY 21. It will also use the funds to further strengthen and accelerate its neo banking platform RazorpayX and the lending business Razorpay Capital, which it expects to contribute to 35% of its revenue by FY 2021.